SoFi Referral Bonus: $25 + $100 Invest bonus [Updated]

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SoFi Money is running a lucrative referral promotion right now: Get $50 when you open an account and transfer $100 to it. Better yet, earn $50 when you refer a friend who opens and funds a SoFi Money account. Below is everything you need to know about this and SoFi’s other ongoing promotions. [UPDATED 12/11/19: The referral bonus for the SoFi Money account has decreased from $100  to $25].

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SoFi Money $50 referral bonus

The SoFi Money referral promotion is an easy way to get $50 and potentially earn $50 per referral. Sign up, get $50, refer a household member and earn $50 while they earn $50. Boom: You just increased your household’s net worth by $150.

It’s not going to pay for a new roof, but it is extra cash you can put towards upcoming expenses. With Thanksgiving (and Black Friday) weeks away, this is an easy way to earn some quick cash. 

Account set-up takes less than 10 minutes and you’ll see the $50 within 2-8 business days of your bank transfer posting.

Is  SoFi FDIC insured?

One important thing to keep in mind is that the  SoFi Money account may not be FDIC insured at any given time.  According to SoFi, “Once your money arrives at our partner banks, it is FDIC insured up to $1.5 million.” If the bank goes under and your funds weren’t transferred to an FDIC-insured partner, you’re out of luck.

So you really shouldn’t use SoFi Money as your primary bank account or keep a large balance.

SoFi $50 referral bonus

Notable features of the SoFi Money account

While the SoFi Money referral program is reason enough to open an account, there are several other notable features to be aware of:

ATM fee reimbursement worldwide

Beyond the $50 welcome bonus and $50 referral, a SoFi Money account could actually come in handy. The account comes with unlimited free ATM withdrawals worldwide.

This is great if you like to travel with as little cash as possible but want the option to withdraw it at your destination. SoFi’s ATM fee waiver could save you quite a bit of cash if you use your ATM card abroad.

In the past, Charles Schwab has been a popular banking option for frequent travelers looking for international ATM fee waivers. Hopefully, more banks will begin offering the same.

No fees

SoFi Money has no account fees, so even if you just deposit that $100 for the welcome bonus and skip the direct deposits, you won’t incur any fees.

1.6% APY

SoFi Money is currently offering 1.6% APY, which isn’t bad for a checking account equivalent. There are higher yield checking accounts for bigger balances.  However, 1.6% APY is actually not bad if you’re just keeping a small balance for the referral bonus and fee-free ATM withdrawals.

No foreign transaction fees

With the SoFi Money debit card, you pay no foreign transaction fees. This is unique for a debit card since some credit cards don’t even offer $0 foreign transaction fees (I’m looking at you, Chase Freedom Unlimited). If any fees are charged, SoFi reimburses them.

$0 wire transfer fees

SoFi Money account holders pay $0 on domestic and international wire transfers. This is a useful feature if you end up making SoFi your primary checking account.

SoFi Invest $100 referral bonus

In addition to the SoFi Money account, SoFi is also offering $100 worth of free stock when you open a SoFi invest account. The requirement for getting the $100 bonus for this is also to deposit $100  into the account.

When I signed up, I got Amazon stock. I opened an account on October 29, my transfer went through on November 1 and I got my bonus the same day.

If you successfully refer a friend to a SoFi Invest account, you will earn $100. 

Note: You can’t refer one person to both a SoFi Money and Invest account

You’ll only receive credit for one type of account referral per person. For example, you can’t refer your spouse to both a Money and Invest account  –  it has to be one or the other. If you plan on signing up for both types of accounts, please alternate between our referral links:

SoFi Money referral links:

SoFi Invest referral links:

SoFi $50 new account bonus: Is it worth it?

SoFi Money’s $50 new account bonus is absolutely worth taking advantage of, regardless of whether you plan on being a long-term customer or not. If you’re looking for an investment account with $0 fees and the ability to buy fractional shares, the  SoFi Invest $50 free stock offer is also a nice incentive. 

Competition between banks is ramping up, which could mean more referral program bonuses like this one. And with mobile-friendly apps and easy sign-ups, these bonuses can be a great way to generate extra cash for travel or holiday shopping.

If you have your own SoFi referral links, feel free to share them in the comment section.

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53 thoughts on “SoFi Referral Bonus: $25 + $100 Invest bonus [Updated]”

  7. aaron lopez

    Get $50 worth of your favorite stock to start building your portfolio when you fund your SoFi Invest account with at least $100 by October 31st, 2019, we are on November 4th, it is already expired

    Reply
      1. Rick i

        There no way to tell if someone really did sign up thru your link. There is no identification of the applicant or referrer name

        Reply
  13. busyguy

    Always remember;

    If it seems too good to be true, it usually is. As with all successful Ponzi schemes, your returns are predicated on the investments of those following you into the mess, until it all comes crashing down; Bernie Madoff comes to mind, currently cooling his heels in prison.
    Let the haters commence.

    Reply
  14. Cory

    Is the SoFi Money account not FDIC insured? I thought I read earlier on their website it was FDIC insured up to $250k.

    Reply
    1. Davis

      Hello, can you please provide your full name and email. I need to submit a ticket with sofi money they are asking for the person that first referred me like 3 months ago

      Reply
    1. Davis

      Hello, can you please provide your full name and email. I need to submit a ticket with sofi money they are asking for the person that first referred me like 3 months ago

      Reply
    1. Davis

      Hello, can you please provide your full name and email. I need to submit a ticket with sofi money they are asking for the person that first referred me like 3 months ago

      Reply
    1. Davis

      Hello, can you please provide your full name and email. I need to submit a ticket with sofi money they are asking for the person that first referred me like 3 months ago

      Reply
  22. Kai

    anyone have their bonus actually post yet? mine shows up in list of transactions but doesn’t show up in my available funds. It’s been a week now…

    Reply
  23. Kai

    Anyone’s bonus actually post yet to available money? For a week now it has been in transaction history for me but not available money.

    Reply
  24. Bill S

    Ariana – I used your referral to open a money account. Then I referred my wife with my referral link. You wrote that can’t do the same with an Invest account and get another bonus. Will doing the reverse (wife signs up and refers me) work for a second referral bonus?

    Reply
    1. Ariana Arghandewal

      Thanks Bill! Your wife can refer you to an Invest account. You, however, can’t refer her to an Invest account if you’ve already referred her to Money account. Basically, SoFi won’t allow you to refer the same person for two accounts (even if they’re different types).

      Reply
      1. Bill S

        Sure thing!
        Can we do the referral the other way around? Since I referred her for the money account, can she refer me for the invest account? That way we each get a referral.

        Reply
        1. Ariana Arghandewal

          Yup! She can refer you for an Invest account.

          The only thing not allowed is you referring her for both a Money and Invest account. Which you didn’t do, so you’re good!

          Reply
  25. Duane S

    Here’s my referral link: https://www.sofi.com/share/money/2744724/

    I was referred and can verify bonuses hit quickly as long as the referee deposits the $100 or more in their account within the 14 days currently required (most do it same day as application) and of course qualifies for an account. Currently, you receive a bonus of $50 and so do I. I plan on using all bonuses (minus any taxes I may have to pay) for charity. I’m helping someone who has incurred a lot of out-of-pocket medical expenses due to their diagnosis. Even though they agreed to a research trial and qualified, the costs have been great (not everything is covered and they can’t work like they were doing for years). But the international research being done on them could help many millions in the near future. So, on behalf of them and others, thank you!

    Reply
      1. Duane S

        BTW, I’m donating any bonus (less taxes) to charity in order to help someone with their medical expenses. They are in a trial of which the research will help many internationally. Thanks on their behalf!

        Reply
  27. Duane S

    Here’s my referral link: https://www.sofi.com/share/money/2744724/

    I was referred and can verify bonuses hit quickly as long as the referee deposits the $100 or more in their account within the 14 days currently required (most do it same day as application) and of course qualifies for an account. Currently, you receive a bonus of $50 and so do I. I plan on using all bonuses (minus any taxes I may have to pay) for charity. I’m helping someone who has incurred a lot of out-of-pocket medical expenses due to their diagnosis. Even though they agreed to a research trial and qualified, the costs have been great (not everything is covered and they can’t work like they were doing for years). But the international research being done on them could help many millions in the near future. So, on behalf of them and others, thank you!

    Reply

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